Planning for your next home or condo purchase?

Here at Team Hamre from RE/MAX metro city in Ottawa, we work
with a lot different Buyer styles. A
question many of them have is, what are the biggest mistakes ‘rookie’ home
buyers make when buying their first home?

Here are the 3 big categories to review when planning for
your next home:

Be more
thorough when budgeting. Accounting
for all of the costs of home ownership is important. Team HAMRE member Peter Bastedo says “There
are quite a few unexpected costs many home buyers don’t take into account when
budgeting for a house, a good example would be furnishing your new home. Many people are moving to bigger homes from a
rental apartment or a basement unit and are not used to having the extra square
footage to furnish.”

Make a
bigger down payment. Putting as much
money onto the principal amount can save you buckets of money in the long run.
Not only in the Principle and Interest costs, but the insurance costs as well
if you are borrowing with less than 20% down.

Buy a
home sooner. Buying a home can be a daunting task. But taking the jump from paying a mortgage
rather than paying rent is a good feeling and one that will set you up in the
years to come. Peter also states “having
the right team behind you is paramount when deciding when to buy.`` Assembling the right team of; mortgage agent,
home inspector, lawyer and other contractors is something we do not take
lightly. They are all important players
in the home buying process and with the confidence of the right people behind
you, you can be sure that you are making the right decision.